Highlights and Outcomes of the 2024 BRICS Summit in Russia

The 2024 BRICS summit held from October 22-24 in Kazan, Russia, marked the sixteenth gathering of the bloc, bringing together member states Brazil, Russia, India, China, and South Africa, with newly inducted members Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) attending for the first time. With the theme “Strengthening Multilateralism for Fair Global Development and Security,” the summit underscored the bloc’s mission to create a balanced international order and presented a comprehensive set of goals in the form of the “Kazan Declaration.” This summit has highlighted BRICS’ potential to reshape multilateralism and tackle critical global challenges across economic, political, and social dimensions. Here, we delve into the key events and agreements made and their future implications.

1. Expanding BRICS: Welcoming New Members

The 2024 summit was the first to host four new members, signaling BRICS’ expansion from a five-country bloc to a larger and more inclusive coalition. Egypt, Ethiopia, Iran, and the UAE were officially inducted during the 15th BRICS summit, held in Johannesburg, South Africa, earlier this year, marking a significant step toward inclusivity. These additions represent a broadening of BRICS’ influence across Africa, the Middle East, and beyond, as each new member brings distinct economic, geopolitical, and cultural contributions. Their presence demonstrates a growing interest among nations to participate in BRICS as an alternative to Western-dominated platforms.

2. The Kazan Declaration: Core Objectives and Provisions

A major outcome of the summit was the adoption of the Kazan Declaration, an ambitious document containing 134 provisions. These provisions emphasize reinforcing multilateralism, enhancing regional stability, fostering economic and financial cooperation, and increasing people-to-people exchanges. The declaration aims to address a diverse range of issues, from security and stability to promoting a fairer international economic system, while explicitly supporting the sovereignty of each member state in implementing these goals. This renewed commitment signals BRICS’ desire to create a multilateral structure that champions equitable and sustainable development for all countries, especially developing nations.

3. Strengthening Bilateral Relations: Modi and Xi’s Meeting

On the sidelines of the summit, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping met formally, marking their first official engagement since the deadly skirmish between Chinese and Indian troops along the disputed Himalayan border in 2020. This meeting, which follows an agreement between the two governments on disengagement, carries immense symbolic value. Both leaders pledged to move forward constructively and resolve bilateral issues peacefully, contributing to regional stability and setting a positive example for other BRICS nations. The resolution of tensions between India and China is essential for BRICS to maintain unity, as any discord between the two largest economies could affect the bloc’s cohesion.

4. Addressing Global Conflicts: Ukraine and the Middle East

The ongoing war in Ukraine was a key topic at the summit, with BRICS leaders reiterating that all nations should adhere to the principles of the UN Charter. While specific action points were not outlined, the leaders underscored the need for peaceful resolutions, opposing economic sanctions, particularly those imposed by Western countries on Russia. The group criticized these sanctions, claiming they exacerbate global economic instability. Additionally, the BRICS countries expressed deep concern over the deteriorating situation in the Middle East, especially the recent escalations in Gaza, the West Bank, and southern Lebanon. They called for an immediate ceasefire, condemned the civilian casualties, and urged all parties to respect international humanitarian law.

This stance highlights BRICS’ role as a unified voice against actions that, in their view, undermine global stability. By focusing on a balanced and non-interventionist approach, the bloc reinforces its commitment to sovereignty and peaceful conflict resolution.

5. Reforming the International Financial System

The 2024 BRICS summit addressed the need for reform in the global financial architecture, advocating for a more inclusive system that better represents the interests of emerging and developing economies. The leaders emphasized that the International Monetary Fund (IMF) should remain quota-based, with resources distributed in a way that supports global financial stability. They also supported the idea of utilizing local currencies in financial transactions within BRICS and with trading partners, aiming to reduce reliance on dominant currencies like the US dollar.

An innovative initiative from Russia, the establishment of the BRICS Grain Exchange, was also approved. This exchange aims to facilitate trade in essential commodities like grains, which could mitigate food insecurity risks and offer developing countries within the bloc more accessible trade options. This initiative aligns with the bloc’s broader aim to promote economic sovereignty and resilience among its members.

6. Development of BRICS Financial Infrastructure

In addition to trade and currency reforms, BRICS leaders discussed the development of an independent financial infrastructure called BRICS Clear. This infrastructure aims to provide cross-border settlement and depository services independent of Western financial systems, thus creating a robust framework for trade and investment among BRICS nations. Alongside BRICS Clear, the bloc proposed an independent reinsurance capacity to bolster resilience in member countries’ financial systems and reduce dependency on external reinsurance providers. Both initiatives reflect BRICS’ strategic pivot toward economic self-reliance, intending to shield its economies from global financial instability and potential sanctions.

7. Global Health Initiatives and Environmental Conservation

The summit also emphasized cooperation in public health, with specific focus on strengthening the BRICS Research & Development (R&D) Vaccine Center. This center will spearhead the development and distribution of vaccines within BRICS nations, an initiative that gained momentum during the COVID-19 pandemic. The BRICS Integrated Early Warning System for infectious diseases was also supported, with the aim of enhancing the bloc’s capacity to detect and respond to future health crises collectively.

Environmental conservation, particularly in the realm of biodiversity, also took center stage. The bloc reaffirmed its commitment to conserving big cat species, recognizing their ecological importance and cultural significance. Encouraging conservation efforts across member states, BRICS hopes to address the ecological challenges that have intensified due to climate change and unsustainable practices.

8. Aligning with the G20 and Strengthening Global Safety Nets

Despite advocating for a shift toward a fairer financial system, BRICS remains committed to supporting established institutions like the G20. The bloc expressed its intent to work collaboratively within the G20 framework to address pressing global issues, stressing the need for an effective Global Financial Safety Net with the IMF at its core. This nuanced approach indicates BRICS’ readiness to engage with both emerging and established economic frameworks to create an inclusive and resilient global economy.

9. Future Implications and Challenges Ahead

The outcomes of the 2024 BRICS summit in Kazan reflect the bloc’s ambition to redefine multilateralism and enhance cooperation among member states. However, BRICS faces several challenges. The historical tensions between India and China could pose a threat to internal unity, while political instability in some new member states may complicate cooperation. Furthermore, achieving financial independence through initiatives like BRICS Clear and the BRICS Grain Exchange will require substantial technical and financial investments.

Despite these challenges, the Kazan Declaration and other agreements reached during the summit represent a significant step toward a multipolar world order, where emerging economies can assert their interests and pursue shared development goals. The expansion of BRICS indicates a shift in global power dynamics, as more countries seek to participate in non-Western-led frameworks.

Conclusion

The 2024 BRICS summit was a milestone for the bloc, highlighting its growth, vision, and evolving role in global governance. By expanding membership, promoting financial independence, and emphasizing multilateralism, BRICS has positioned itself as a key player in addressing global challenges. The commitments made in Kazan mark a new chapter for the bloc, reflecting its potential to shape a more inclusive, fair, and stable world order for all. As the bloc continues to grow and evolve, the international community will be watching closely to see if BRICS can translate its aspirations into tangible, transformative impacts on the global stage.